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Rents still rising and expected to rise more

Wednesday, 7 December 2011 10:23 AM

Rents are continuing to rise across the country as demand from tenants outpaces new instructions from landlords.

The third quarter residential lettings survey from the Royal Institution of Chartered Surveyors (RICS) shows that the pace of the increase has moderated slightly. However, its members expect further increases in the next few months.

Rents in London are rising fastest, followed by the North and Midlands and Wales. Across the UK, a balance of +21 of RICS members said rents were rising, compared to +34 in the second quarter.

However, a balance of +25 expect rents to rise in the next three months, up from +23 in the second quarter.

Tenant demand is still rising thanks to would-be buyers being locked out of the mortgage market and it is still outpacing the increase in new instructions from landlords.

RICS spokesperson James Scott-Lee said: "Despite a measure of resistance to rising rent levels from tenants, in some parts of the country the imbalance between demand and supply for rented property suggests that for the foreseeable future landlords will have a good if not increasing return on their investments in comparison with other mainstream options."

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